The average salary for an Actuary is $89,661.
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Job Description for Actuary
Actuaries play a key role in insurance companies by serving as analysts who help determine whether the company should issue an insurance policy and what the premium for that policy should be. They use a great deal of statistical analysis in their work, as they examine huge amounts of data related to costing and trends. Insurance companies must always maintain their financial health, and the role of the actuary is to manage risk in the delicate balance between issuing policies (and the costs paid…Read more
- Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits.
- May ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.
Job Satisfaction for Actuary
The top respondents for the job title Actuary are from the companies Humana, Inc., The Travelers Companies, Inc. and Geico. Reported salaries are highest at Liberty Mutual Insurance Group where the average pay is $129,024. Other companies that offer high salaries for this role include The Travelers Companies, Inc. and Humana, Inc., earning around $118,828 and $116,505, respectively. Geico pays the lowest at around $71,500. AON Inc and Willis Towers Watson also pay on the lower end of the scale, paying $75,987 and $83,432, respectively.
Popular Skills for Actuary
Skills in Data Analysis, Microsoft Excel, Financial Modeling, Statistical Analysis and Financial Analysis are correlated to pay that is above average.
Pay by Experience Level for Actuary
An entry-level Actuary with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $60,406 based on 215 salaries. An early career Actuary with 1-4 years of experience earns an average total compensation of $76,140 based on 460 salaries. A mid-career Actuary with 5-9 years of experience earns an average total compensation of $106,821 based on 366 salaries. An experienced Actuary with 10-19 years of experience earns an average total compensation of $121,828 based on 256 salaries. In their late career (20 years and higher), employees earn an average total compensation of $144,834.
Employees with Actuary in their job title in Boston, Massachusetts earn an average of 27.8% more than the national average. These job titles also find higher than average salaries in New York, New York (12.8% more) and Philadelphia, Pennsylvania (9.3% more). The lowest salaries can be found in Atlanta, Georgia (5.2% less) and Chicago, Illinois (1.0% less).
Years of Experience
This data is based on 1,393 survey responses.
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